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Health Insurance in India: How it Works & Benefits to Expect

Health Insurance is a necessity due to future uncertainties. An insurance policy serves as the best way to protect one from any kind of future inconvenience. They can easily save an individual or a family in case of the need for immediate care at a hospital. An immediate surgery can be easily carried out without worrying about a single thing. Therefore opting for reliable and timely health insurance in India can serve as a shield against medical problems. However, one may not be aware of what health insurance is, what it delivers, and its benefits. 

A health insurance policy offers covers against medical expenses an individual incurs due to unprecedented medical emergency. An individual takes up a health Insurance policy with adequate coverage to protect himself from various medical costs like room rents, hospitalization expenses, etc related to medical treatments. The insurance company offers financial cover up to the amount of policy taken for example 5 lakhs in return for payment of premium. An individual insures himself/herself and his or her family from the costs of medical and surgical expenses by taking a policy. Moreover, dedicated health insurance policies even provide cover against specific disease. Some policies offer cover against critical illnesses like cancer too.

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How does it work?

An individual selects a health insurance policy according to his personal needs. He or she takes up a health insurance policy has delivered by a dedicated company or health insurance provider. A certain amount of premium is required to be paid that depends upon the age of the individual as well as the financial coverage of the insurance policy. An insurance policy is complete with various formalities and clauses that one must be aware of. 

In case of any medical emergency, a health insurance policy proves beneficial by offering adequate cover and protecting the insured individual from paying large sums of money out of his or her pockets. Various types of expenses as incurred by an individual like hospital bills, medical treatment costs, medicines, etc that are taken care of. The Insured applies for the claim with the insurance company and gets the same within a definite period after completion of various formalities. Sometimes, insurance companies pay to the hospital directly too.’

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Benefits of health insurance policy

A health insurance policy delivers various benefits to the insured individual and his or her family in case of a comprehensive family plan. Some of these benefits are listed below that are necessary to identify for making the crucial decision of obtaining a medical health policy:

1. Medical expenses coverage:

The main idea behind a health insurance is the medical cover that it delivers. Insured individual receives a cover of certain amount which saves him or her from paying hospital bills upfront. This in turn protects the insured as he or she can go for the best medical facility without worrying about the cost. The insurance company becomes liable to pay the expenses or reimburse the insured in case of any problem that may arise in the future.

2. Cashless payments benefits:

An insurance policy delivers an added benefit of making cashless payments on behalf of the insured against the expenses incurred. Insurance companies have tie-ups with hospitals included within their cashless network. An insured therefore is not required to pay a single amount and all the necessary payments are made through a cashless mode directly to the medical care provider. This saves the insured individual and does not have to wait for the process of claim settlement.

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3. Hospital expenses like bills are taken care of:

A health insurance policy takes care of expenses related to surgeries and other costs incurred before getting admitted and after discharge from a hospital as well. Certain insurance policies pay back the amount of costs incurred by the insured before getting admitted into the hospital like medical tests, medicines and doctor consultancy fees, etc. Insurance policies cover most expenses that individual incurs during his or her stay at the hospital and even after the discharge. The amount is usually reimbursed upon provision of bills and documents as proofs.

4. Taxation benefits:

Health insurance policies also deliver taxation-related benefits. An insured individual can deduct the amount of premium paid up to Rs.20, 000 from his annual income as a deduction that reduces his or her taxable income. 

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These benefits make a health insurance policy very important for an individual and his or her family. There are dedicated companies that make available health insurance policies complete with all the dedicated features and benefits. Care Insurance is one such company that is known for its comprehensive policies, efficient services, high claim settlement rate, and affordable premiums. Purchasing a policy from Care Insurance can help in reducing the problem an individual may face for obtaining financial help in case of medical treatments. The company makes sure all the necessary formalities are completed on time and with speed for the benefit of the insured.